Lenskart Solutions Limited Anchor Book Blockbuster Anchors 🔥👏 Investors Include : ▪︎ SBI Mutual Fund ▪︎ HDFC Mutual Fund ▪︎ ICICI Prudential Mutual Fund ▪︎ Government of Singapore ▪︎ Monetary Authority of Singapore ▪︎Blackrock Asset Management ▪︎ T.Rowe Price Asset Management ▪︎ Fidelity Asset Management ▪︎ Capital Group ▪︎ Kotak Mutual Fund ▪︎ Nomura Funds ▪︎ Axis Mutual Fund ▪︎ Aditya Birla Sun Life Mutual Fund ▪︎ Wellington Management Company ▪︎ Iowa Public Employees Retirement System ▪︎ United Super Pty Ltd (Cbus Superannuation) ▪︎ GuideStone Capital Management ▪︎ Steadview Capital ▪︎ Norges Bank of Norway ▪︎ Mirae Mutual Fund ▪︎ Goldman Sachs ▪︎ DSP Mutual Fund ▪︎ 360 One Mutual Fund ▪︎ AL Mehwar Investments ▪︎ OP India Mutual Fund ▪︎ JP Morgan Funds ▪︎ Amundi Funds ▪︎ ICICI Prudential Life Insurance ▪︎ SBI Life Insurance Company ▪︎ HDFC Life Insurance Company ▪︎ WhiteOak Capital ▪︎ Compact Structure Fund ▪︎ Motilal Oswal Mutual Fund ▪︎ Franklin India Mutual Fund ▪︎ LSOI SPV 1 ▪︎ HSBC Mutual Fund ▪︎ Edelweiss Mutual Fund ▪︎ HDFC Pension Fund ▪︎SBI Pension Fund ▪︎ Bandhan Mutual Fund ▪︎ Canara Robeco Mutual Fund ▪︎ Matthews Emerging Markets ▪︎ Kotak Mahindra Life Insurance ▪︎Axis Max Life Insurance ▪︎ Allspring Global Investments ▪︎ Manulife Global Funds ▪︎ Baroda BNP Paribas Mutual Fund ▪︎ Kedaara Capital ▪︎ PGIM Mutual Fund ▪︎ Mahindra Manulife Mutual Fund ▪︎ Bajaj Finserv Fund ▪︎ LIC Mutual Fund ▪︎ Canara HSBC Life Insurance ▪︎ SC Capital Partners ▪︎ Susquehanna Pacific Fund ▪︎ Edelweiss Life Insurance ▪︎ Reliance General Life Insurance ▪︎ Bajaj Allianz Life Insurance ▪︎ Amundsen Diversified Fund ▪︎Reliance Nippon Life Insurance ▪︎ Lionglobal Investments ▪︎ IKIGAI Emerging Equity Fund ▪︎ Go Digit General Insurance ▪︎ JM Financial Mutual Fund ▪︎ Necta Bloom VCC ▪︎ Goldman Sachs ODI All Major Indian Funds and Global Funds Largest Allocations to Fidelity, Kotak, Axis, Blackrock, HDFC, ICICI Many new and notable names

Lenskart Listing Tomorrow It Should Do Well 😀 Always keep in mind, At IPO Stage, Lenskart is the finest Indian New-Age Unicorn Going Public! No need of Any Panic, Extremely Hopeful of writing "Strong Listing" Tomorrow Morning at 9.45

InCred Holdings Limited Files DRHP With SEBI via Confidential Route The IPO Size is Likely to be 4,000-5,000 Crore InCred Holdings is the Holding company of three entities – ▪︎ InCred Financial Services (New-Age lending-focused NBFC) ▪︎ InCred Capital (Institutional, Asset and Wealth Management platform) ▪︎ InCred Money (Digital Investment Distribution Platform) In 2022, KKR India Financial Services, The Entity owned by KKR was merged with InCred Finance, It cloaked 372 Crore PAT in FY25 – InCred Finance is already a Fintech Unicorn since November 2023 – InCred Capital is also currently Raising A Unicorn Round of ~500 Crore, It's backed by Ranjan Pai, Ravi R. Pillai Group, Mankind Group, MMG Family Office and Paragon Partners. – InCred Money recently Raised $30 Mn At $250 Mn The InCred Group counts KKR, ADIA, TRS, OAKS, Moore Capital, Elevar Equity and Ranjan Pai among its investors. The Kamath brothers of Zerodha have invested Rs 250 crore in InCred Holdings This should be a very exciting IPO, A Highly Profitable Fintech Firm InCred Holdings may look to target $2-3 Bn Valuation in its IPo

A SaaS Solutions Platform IPO After A Long Time! New Mainboard IPO Capillary Technologies Limited Date : 14-18 November Size : Fresh - 345 Crore OFS - 92,28,796 Shares FV : 2 Retail : 10% Employee Quota ✅️ FY23 Revenue : 266.3 Crore Net Loss : (88.6 Crore) FY24 Revenue : 535.5 Crore Net Loss : (59.4 Crore) FY25 Revenue : 611.9 Crore PAT : 13.3 Crore H1 FY26 Revenue : 362.6 Crore PAT : 1 Crore LM : JM Financial, IIFL Capital, Nomura It's Clientele Includes Puma, Tata Group, Shell, Domino's, Marks & Spencer, Petron, The Company Powers Over 120+ Loyalty Programmes Across 30 Countries And Claims To Have Over 1.3 Bn Consumers And Processes 6 Bn+ Transactions Annually

NoPaperForms Solutions Limited Files DRHP With SEBI via Confidential Route NoPaperforms is Info Edge's Third Portfolio Company Set To Go Public After Zomato And PB Fintech's Successful Listings The SaaS Firm has likely Picked IIFL Capital And SBI CAPS as Bankers NoPaperForms Is An Enrolment Automotation Firm Which Offers Customer Relationship Manager (CRM) Software To Eduacational Institutions That Help Them To Enrol, Communicate, Collect Fees, Help With Placements And Alumni Meetings Digitally NoPaperForms Currently Serves To Over 1,200 Customers And Is Looking To Expand Internationally NoPaperForms Currently Has Three Business Verticals : ▪︎ Meritto (Enrollment Cloud) ▪︎ Collexo (Payment Cloud) ▪︎ Meritto International – Meritto Currently Serves 41% Private Universities In India – The Company is In Talks With 15+ Countries For International Expansion, It Has Started Operations in UAE And Malaysia in 2024 In Fy24, The SaaS Firm Reported A Revenue Of 70 Cr And PAT Of 4 Lakhs, In 9M FY25, It Has Already Cloaked 67.7 Cr Topline Info Edge Limited Had Invested ~30 Cr In 2018 For 48% Stake, NoPaperForms Is Eyeing ~1,500-2,000 Cr Valuation For It's IPO Which Would Yield Almost ~30× ROC The Company And The IPO Seems Highly Interesting As It Is The Biggest Proxy To Government's Push To Increase The Gross Enrolment Ratio To 50% Till 2035 And The Need Of Robust Technology Solutions in The Eduacation Space

JSW Cement Q2 and Investor PPT Turnaround Numbers Solid Set 👏 (In Crores) Rev : 1,224➡️1,436 (17.4%⬆️) EBITDA : 190➡️291 (53%⬆️) Margin : 15.5%➡️20.3% PAT : (40)➡️75.4 PAT Margin : (3.3%)➡️5.3% Volume : 2.71➡️3.11 Mn MTPA GGBS : 1.15➡️1.38 Mn MTPA Op. EBITDA/Ton : 602➡️860 H1 FY26 Revenue : 2,671➡️2,996 Cr EBITDA : 396➡️590.2 Cr PBT : (66.4)➡️286 Cr PAT : (28.8)➡️175.3 Cr ▪︎ Commenced 1 MTPA Grinding Unit in Sambalpur, Odisha in Sep’25 ▪︎ Nagaur Integrated Unit of 3.30 MTPA Clinker and 2.50 MTPA Cement Grinding set to commence in early Q4 FY26 Trading 14% below the IPO price, expecting some relating In coming future

Clean Max Enviro Energy Solutions IPO 🔜 Size : 5,200 Crore Fresh - 1,500 Crore OFS - 3,700 Crore Retail : 35% Employee Quota ✅️ FY24 Revenue : 1,425.3 Crore Net Loss : (37.6 Crore) FY25 Revenue : 1,610.3 Crore PAT : 19.4 Crore Clean Max is India's Largest Commercial and Industrial (C&I) RE Solutions Provider with 2.54 GW Operational Portfolio and Capex Services & Carbon Solutions Provider Brookfield Asset Management owns majority stake in the company

New Mainboard IPO Fujiyama Power Systems Limited Date : 13-17 November Size : Fresh - 600 Crore OFS - 1,00,00,000 Shares FV : 1 Retail : 35% Employee Quota ✅️ FY23 Revenue : 665 Crore PAT : 24.4 Crore FY24 Revenue : 927.2 Crore PAT : 45.3 Crore FY25 Revenue : 1,550 Crore PAT : 156.3 Crore Q1 FY26 Revenue : 597.8 Crore PAT : 67.6 Crore LM : Motilal Oswal, SBI CAPS This IPO came out of Syllabus

piped.video/M_aO48LLYto?si=Hidf… #KnowYourPromoter Series @manishlalwani9 and I spoke with Parth Pande, Cofounder and Director of Finbud Financial Services Limited (Finance Buddha) to understand the Business Model & Vision behind IPO Finbud is a Loan Aggregation Platform with Backers including Ashish Kacholia, Bandhan Mutual Fund, MS Dhoni, Etc. Surely listen 😀👍

Vidya Wires IPO 🔜 Size : Fresh - 320 Cr OFS - 1,00,00,000 Shares Retail : 35% FY24 Revenue : 1188 Cr PAT : 25.7 Cr H1 FY25 Revenue : 755.6 Cr PAT : 17.5 Cr Vidya Wires' Products Include : ▪︎ Enameled Copper Winding Wires ▪︎ Paper Insulated Copper Conductors ▪︎ Aluminum Paper Covered Strips ▪︎ PV Ribbon ▪︎ Copper Busbar And Bare Copper Conductors

Nowadays All X Feed is full of PEB Theme We all had indepth discussions at very early stage be it Interarch IPO or M&B Engineering M&B 20% UC Interarch 18% Up Pennar 7% Up Epack Prefab 60%⬆️from IPO Bansal Roofing 7% Up @ishmohit1 and @soicfinance were also bullish on the PEB theme since a long time It's always beneficial to study a specific theme/ Sub-sector at a right time to generate alpha due to early entry

Studds Accessories IPO Pre-Open Settlement Done Poor Listing 🔻 Issue Price : 585.00 Listing – NSE : 565 (2.6%🔻) Lists Significantly Below Premiums, Much Below Expectations Our view was to Apply for small Listing Gains It was a very small size IPO, Surprised to see that there is no sentimental appetite even towards such a small size IPO Studds was honestly a very fine company, it didn't deserved a negative Listing This should effect the sentiment towards current and upcoming IPOs

Billionbrains Garage Ventures Limited (Groww) IPO Final Verdict Risk Takers Can Apply For Medium-Long Term Highlights of the Issue : Date : 4-7 November Price Band : 95-100 Size : 6,632 Crore Fresh - 1,060 Crore OFS - 5,572 Crore M.cap : 61,736 Crore Objects Of The Issue : ▪︎ Brand building and performance marketing activities - 225 Cr ▪︎ Investment in NBFC Subsidiary for Augmentating its Capital Base - 205 Cr ▪︎ Funding Margin Trading Facility (MTF) - 167.5 Cr ▪︎ Expenditure towards cloud infrastructure - 152.5 Cr ▪︎ Funding Inorganic Initiatives and GCP - 310 Cr Key Pointers : ▪︎ Groww is a New-Age D2C Digital Investments Platform and India’s Largest & Fastest Growing Investment Platform by Active Users ▪︎ Groww's offerings include Stocks (Investing and Trading), Derivatives, IPOs, Bonds, Mutual Funds, Commodities, Etc. And also offers services like MTF, Personal Loans; Groww also has its own Mutual Fund ▪︎ The Company has diverse customer base covering 98.4% Pincodes in India with very young Customers Base with 45% of Active Users were under 30 years old and ~21% were between 31 and 35 years old as of Q1 FY26 ▪︎ The Company’s market share in Retail Cash ADTO (Average Daily Turnover) across BSE and NSE increased from 12.66% in FY 2024 to 19.31% in FY25 and 23.66% in the Q1 FY26 ▪︎ The Company Aquired Fisdom, A Wealth Management Solutions Startup for $150 Mn (FY24 Revenue at 84 Cr and Net Loss at 57.4 Cr) ▪︎ Groww is looking to drive growth via Up-selling new financial products and value added services; Increase wallet share of MTF, LAS, Wealth Management, Etc. Financials and Personal Assumptions FY23 Revenue : 1,141.5 Crore PAT : 457.7 Crore FY24 Revenue : 2,609.3 Crore Adjusted PAT : 541 Crore FY25 Revenue : 3,901.7 Crore PAT : 1,824.4 Crore Q1 FY26 Revenue : 948.5 Crore PAT : 378.4 Crore Projecting Future Estimates and Assigning Target Multiples is practically not possible as the tightening of the Regulator on Expiries leading to significantly effect on Trading Volumes Q1 was a Revenue degrowth of (9.6%) and degrowth in Active Clients and Comparatively slower growth in new users Hence the FY26 is not predictable as there might be further Positive/ Negatives change in rules from the Regulator which would affect Groww and the Financial Platform Ecosystem in Positive/ Negative Manner On 34× FY25 PAT, it looks reasonable to decently priced but there are chances on FY26 being a Flat to High single digit- Low Double Digit Revenue growth with negative or Muted Bottomline growth (Fisdom consolidation will also see some one time adjustments and its also a loss making Entity) Even if there's some growth in FY26, at these Valuations it doesn't discounts the sluggish FY26, Leading to uncertainty over Short term upside Hence only Risk Takers Can Evaluate For Medium T9 Long-term Horizon Positives : ▪︎ Strong Brand Recall ▪︎ Large Customer Base with Immense Upselling initiatives ▪︎ Direct Beneficiary of India's Robustly growing capital Markets ▪︎ High Operational Leverage ▪︎ Good Promoters ▪︎ Young and Dynamic Management ▪︎ Asset-Light and Scalable Business Model ▪︎ A Complete Stack of Financial products in a single platform ▪︎ Expectations of increase in AARPU due to more young consumer and increased literacy towards financial products Negatives : ▪︎ Significant Regulator Intervention ▪︎ Uncertainty towards FY26 growth and Profitability ▪︎ Decent Valuations (Could have been more attractive) ▪︎ Always a hanging sword of further supply from PE investors ▪︎ Recent Trends of a shift back to traditional brokers from New-age platforms Personally felt that the Valuations could have been better by 10-20% Just A Personal View, Only For Educational Purposes

Pine Labs IPO Anchor Book Good Anchors 👍 Investors Include : ▪︎ SBI Mutual Fund ▪︎ Nomura Funds ▪︎ Franklin Templeton Investments ▪︎ Aditya Birla Sun Life MF ▪︎ Mirae Asset Mutual Fund ▪︎ Massachusetts Institute of Technology (MIT) ▪︎ HSBC Mutual Fund ▪︎ ICICI Prudential Life Insurance ▪︎ TATA Mutual Fund ▪︎ BNP Paribas ODI ▪︎ Gagandeep Credit Capital (Enam Group) ▪︎ DSP Mutual Fund ▪︎ Bajaj Allianz Life Insurance ▪︎ Saraswati Commercial ▪︎ Amundi Funds ▪︎ Axis Mutual Fund ▪︎ Eastspring Investments ▪︎ Bandhan Mutual Fund ▪︎ Aditya Birla Sun Life Insurance Company ▪︎ Edelweiss Mutual Fund ▪︎ Morgan Stanley ODI ▪︎ Abakkus Flexi Edge Fund (Sunil Singhania) ▪︎ Baroda BNP Paribas MF ▪︎ Motilal Oswal Mutual Fund ▪︎ Susquehanna Pacific Fund ▪︎ PGIM India Mutual Fund ▪︎ Amundsen Investments ▪︎ Bharti AXA Life Insurance ▪︎ Manulife Global Funds ▪︎ Integrated Core Strategies Pte ▪︎ Reliance General Insurance

SBI Mulls IPO For SBI Funds Management Limited (SBI Mutual Fund) in 2026 The IPO Will see a 10% Equity Dilution of SBI MF where SBI will sell 6.3% Equity and Amundi will sell 3.7% Equity SBIFML is India's Largest Asset Management Company with a Market Share of 15.5% with an AUM of 13.6 Lakh Crore (MF+Alternatives) FY25 Revenue : 4,236 Crore PAT : 2,540 Crore

Orkla India Limited (MTR Foods) IPO Pre-Open Settlement Done Muted Listing Issue Price : 730.00 Listing – NSE : 750.10 (2.75%⬆️) Lists Below Premiums Our view was for Long-term although was expecting a ~5% Premium Listing Mini Congratulations To All The Allotees 🎉

Emmvee Photovoltaic Power Limited IPO FINAL Date : 11-13 November Price Band : 206-217 Lot Size : 69 Issue Size : 2,900 Crore Fresh - 2,143.9 Crore OFS - 756.1 Crore M.Cap : 15,023.9 Crore PE FY25 : 40.7× PE FY26 TTM : 20× Peers WaareeEnergies : 50.3× Premier Energies : 50.4× Vikram Solar : 83× Saatvik Green : 31.4× Websol Energy : 34× Promoter Holding Post-issue : 100%➡️80.70% Applications Retail - 1,93,682 BHNI - 13,834 SHNI - 6,917

PhysicsWallah Limited IPO FINAL Date : 11-13 November Price Band : 103-109 Lot Size : 137 Issue Size : 3,480 Crore Fresh - 3,100 Crore OFS - 380 Crore M.Cap : 31,170 Crore PE FY25 MCap/EBITDA : 72× Promoter Holding Post-issue : 81.64%➡️72.30% Applications Retail - 2,32,525 BHNI - 16,609 SHNI - 8,304

New Mainboard IPO Tenneco Clean Air India Limited Date : 12-14 November Size : 3,600 Crore (Full OFS) FV : 10 Retail : 35% FY23 Revenue : 4,887 Crore PAT : 381 Crore FY24 Revenue : 5,537 Crore PAT : 416.8 Crore FY25 Revenue : 4,931 Crore PAT : 553.1 Crore Q1 FY26 Revenue : 1,316 Crore PAT : 168 Crore LM : JM Financial, Citigroup, Axis Capital, HSBC Securities The IPO Size has been upsized from 3,000 Crore to 3,600 Crore Very hopeful that retailers will make some money in this IPO and retail at 35% is cherry on the top 😀 Tenneco India is the largest supplier of Clean Air Solutions to Indian CT OEMs, with a market share of 60%; The largest supplier of shock Absorbers and Struts to Indian PV OEMs, with a market share of 48%

New Mainboard IPO Emmvee Photovoltaic Power Limited IPO Date : 11-13 November Size : 2,900 Crore Fresh - 2,143.9 Crore OFS - 756.1 Crore FV : 2 Retail : 10% FY23 Revenue : 644.4 Crore PAT : 6.9 Crore FY24 Revenue : 954.4 Crore PAT : 28.9 Crore FY25 Revenue : 2,360.3 Crore PAT : 369 Crore Q1 FY26 Revenue : 1,042.2 Crore PAT : 183.7 Crore LM : JM Financial, IIFL Capital, Jefferies, Kotak Mahindra Capital

India's 1st Edtech Unicorn Set To Go Public!! New Mainboard IPO Physicswallah Limited Date : 11-13 November Size : 3,480 Crore Fresh - 3,100 Crore OFS - 360 Crore FV : 1 Retail : 10% Employee Quota ✅️ FY23 Revenue : 772.5 Crore Net Loss : (84 Crore) FY24 Revenue : 2,015.4 Crore Net Loss : (113.1 Crore) FY25 Revenue : 3,039 Crore Net Loss : (243.2 Crore) Q1 FY26 Revenue : 905.4 Crore NetLoss : (127 Crore) LM : Kotak Mahindra Capital, JP Morgan, Goldman Sachs, Axis Capital